Line-by-line Preparation of Form 1041

Tax compliance issues for fiduciary entities are sometimes confusing to practitioners due to the fact that many lack experience in this area. This course provides the practitioner with a practical understanding of the issues involved in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041), including a Line-by-Line presentation of the form.

The practitioner will have a better understanding of entities and the basics of Subchapter J of the Internal Revenue Code.  Understanding these areas will allow the practitioner to start their understanding of tax compliance in preparing the U.S. Income Tax Return for Estates and Trusts (Form 1041).

Learning Objectives:

At the end of this course the participant will be able to:

• Prepare the U.S. Income Tax Return for Estates and Trusts (Form 1041).
  
• List the basic issues of estates and trusts and discuss Subchapter J of the Internal Revenue Code
  

Session Highlights:

• How to prepare a Form 1041
• Understanding of distributable net income (DNI)
  
• Understanding of income in respect of a decedent (IRD)
  
• Line-by-line instruction
  
• Specific issues regarding a decedent’s estate
  
• Specific issues regarding a trust
  
• Classification of trust entities
  
• Understanding various fiduciary issues
  
• Understanding the basics of Subchapter J of the Internal Revenue Code

Who Should Attend?

• CPA’s
• EAs
• Other Tax Preparers
• Tax Attorneys who need to understand Form 1041.

Session Prerequisites and preparation: None

Recommended CPE credit – 4.0

Recommended field of study – Tax

Session learning level: Basic to intermediate

Delivery method: Group Internet Based